Iraq News - Local News - Baghdadpost

Saudi Arabia announces oil production rates return to normal levels


Saudi Prince Abdulaziz bin Salman said that the country's oil production returned to normal rates before the terrorist attack against Saudi oil fields.

In a press conference, he added that the damage has been contained, adding that 50 percent of the lost production has been restored.

The kingdom was producing 9.6 million barrels of oil per day, or about 10 percent of the world's daily production, before drone attacks cut production in half. It expects to ramp production up to 11 million bpd by the end of the month.

Brent crude oil, the international benchmark was lower by 6.39 percent, or $4.41, to $64.61. West Texas Intermediate crude oil, the U.S. benchmark, was down $3.61, or 5.72 percent, at $59.30 a barrel.

The U.S. has blamed Iran for the attacks, but the Saudis weren't yet ready to point the finger at its neighbor.